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Nifty slumps below 11,000 on negative Asian stocks.

Indian markets saw a gap-down opening today on negative Asian stocks.The barometer index, the S&P BSE Sensex, was down 569.81 points or 1.51% at 37,098.61. The Nifty 50 index was down 173.70 points or 1.56% at 10,958.15, sliding below the psychological 11,000 level.

The S&P BSE Mid-Cap index was down 1.99%. The S&P BSE Small-Cap index was down 2.13%.

The market breadth, indicating the overall health of the market, is weak. On the BSE, 206 shares rose and 1319 shares fell. A total of 55 shares were unchanged.

F&O expiry:

The market may witness volatility due to the expiry of September futures & options contracts today, 24 September and roll over of positions to next month.

Stocks in news:

Tata Consultancy Services (TCS) dropped 2.34%. TCS and Yale University, jointly announced the launch of a new framework that could help ensure privacy and trust in peer-to-peer digital networks. This would be a critical element in enhancing blockchain solutions for greater adoption by consumers.

HDFC fell 1.31%. HDFC said that it will issue secured redeemable non convertible debentures on private placement basis. HDFC said the debentures carry coupon rate of 6.43% per annum with tenor of 5 years. The issue size is Rs 2500 crore.

Ircon International rose 1.93%. Ircon International has secured works of total 9 Road Over Bridges (ROBs) valuing more than Rs 400 crore from the Ministry of Railways, Government of India. The work has been awarded by the Ministry of Railways through a competitive bidding among PSUs.

NLC India declined 1.78%. The company has issued 17000 units of a face value of Rs 5 lakh each of commercial papers to State Bank of India.

Datamatics Global Services slipped 0.13%. The company announced that it expanded its strategic alliance with Ingram Micro in the META region. The distribution agreement is for its intelligent automation products including, Datamatics TruBot, TruCap+, TruBI, and TruAI.

Global Markets:

Overseas, Asian stocks are trading lower on Thursday following overnight declines on Wall Street amid fresh concerns that the global economic recovery is running out of steam.

In US, stocks fell sharply on Wednesday, as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.

Shares of Amazon and Netflix dropped 4.1% and 4.2%, respectively, to lead Big Tech lower. Facebook slid 2.3%. Alphabet closed 3.5% lower. Apple ended the day down 4.2% and Microsoft dipped 3.3%. Shares of Tesla fell 10.3% after Elon Musk offered new delivery predictions for 2020 and detailed a new battery design that he claims will make Tesla’s cars cheaper to produce. Nike shares jumped 8.8% after the company said digital sales surged more than 80% last quarter.

Two Federal Reserve officials Richard Clarida and Chicago Fed President Charles Evans were adamant on Wednesday: Rates will not increase until labor markets recover fully from the economic downturn caused by the coronavirus, and prices hit the Fed’s target.

On the stimulus front, lawmakers are still struggling to move forward with a new package. Federal Reserve Chairman Jerome Powell said before Congress on Wednesday that further fiscal stimulus is still needed for the U.S. economic recovery to continue.

In coronavirus developments, Johnson & Johnson said Wednesday it has begun its phase three trial testing its potential coronavirus vaccine. The firm is the fourth drugmaker backed by U.S. President Donald Trump’s administration’s Covid-19 vaccine program, Operation Warp Speed, to enter late-stage testing.

Back home, domestic equity benchmarks ended with small losses after a volatile session on Wednesday. The Nifty regained 11,100 mark after falling below that level in intraday. The barometer index, the S&P BSE Sensex, fell 65.66 points or 0.17% at 37,668.42. The Nifty 50 index lost 21.80 points or 0.20% at 11,131.85. The 50-unit index has fallen 4.07% in five sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,912.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,629.23 crore in the Indian equity market on 23 September, provisional data showed.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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